Underwriting Nightmare – Someone Please Give Us Hope

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Viewing 7 posts - 1 through 7 (of 7 total)
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  • #71450
    courtniep83
    Participant

    Hi Everyone, this NACA journey has been a wild ride to say the least! I’m grateful for the program for families like mine but with that said…here is my issue.

    We are in contract as of July 15th, almost everything has been completed but we have been stuck in credit access for 3 weeks now! We have submitted the same documents multiple times and at this point I feel like they are being nit picky or there is some miscommunication! We were supposed to close in a week and knew that wouldn’t be realistic but I don’t even know if it’s worth asking for a contract extension! Is it even possible for this to be completed in less than a month. We haven’t even signed our bank app!

    We are also having so much trouble contacting HAND to see if we’ve been cleared. We had a very simple repair list that was addressed immediately but then told a week later they never received the documents. It’s been submitted again but I can’t reach anyone but a receptionist who sends our HAND specialist a message telling her to contact us. I call and email daily my MC(Kansas City District) and HAND department. I know my MC is doing her best but she is a new hire and working from home due to the pandemic; so i can’t imagine that is an easy task. I just don’t know what else to do? I’m desperate at this point! Is anyone else dealing with these extreme delays?

    #71453
    Nelsont
    Member

    If you knew closing in less than 60 days was unrealistic then why did you put that in your contract?

    What I will say is you need to focus on getting credit access approved so you can sign your bank application and spend less time worrying about getting cleared by hand. Hand works concurrently but independently of underwriting and the clearance is not necessary nor likely in many cases to occur before credit access approval. Hand often clears you in the middle toward the end. They won’t leave you in the dark. In fact nobody will. Not hearing anything is not bad news. Ask your MC what exactly is needed of you so you can move on.

    Realistically it will take bank of America 2 to 4 weeks to perform their underwriting once you sign the bank app.

    #71454
    courtniep83
    Participant

    @nelsont My realtor set a more than realistic close date. I’m mostly concerned that we are suck in limbo. I was not aware that we weren’t going to close on time until today through the web-file. I have contacted my MC every day and when I would asked if we needed an extension on our close date, she stated that it wasn’t necessary and we are working on closing on time. We always provide whatever is needed within minutes of receiving the request. This is why I don’t understand what the hold up is? I have not read any experiences where it took this long for credit access. It’s not due to me not focusing on it.

    #71877
    Movebyfaith
    Participant

    Would love to know if you closed on time? I am currently in the same situation.

    • This reply was modified 5 months, 2 weeks ago by Movebyfaith.
    #71879
    courtniep83
    Participant

    @movebyfaith unfortunately we did not close on time. We were 16 days past close but luckily the seller was flexible. We got an extension until Sept 11th and closed Sept 10th. I had to continuously email and call until I was escalated to the regional manager. He was extremely helpful and made it happen. My best advice is to email them over and over until you get an answer. I also used the chat option on the NACA website and they were extremely helpful. Glad it’s over with but we will never go through this program again. I can’t say they we had a very good experience and we did anything & everything that was asked. I hope you have better luck than we did.

    #71882
    marvb
    Participant

    @courtniep83 I’m going through same situation who in fact did you email and contact members services alerts our MC but still no communication.

    #71939
    Movebyfaith
    Participant

    @courtniep83 Congrats on closing. I know NACA and the bank can be a hassle but I’ve ran the numbers and I can’t find any other lender to match what NACA offers. I’ve shopped around and landed right back at NACAs door. I can afford more house than I would have with any other lender. I am happy for you and I know that you are glad to finally have your keys in hand. I am patiently waiting!!!

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